fully diluted mkt cap seems high imho, page-19

I'm with you fishinnick - Ungani is $200m value at best thus half a billion seems an awful lot for as yet unsubstantiated flow from the unconventional portfolio. There is no question (and never has been) that there is a hydrocarbon system working in the Canning. The issue is commercial flow and I note that despite the proliferation of releases by the company, there is not yet any indication that BRU wish to attempt fracture stimulation (as this will undermine the 'dream').

I think the rocks are highly indurated (ie very old, hard and dense) - you need only look at the drilling issues encountered when Arc was drilling Yulleroo and Valhalla in 2007/8 vs the recent Paradice drilling progress indicating that the rate of penetration and borehole integrity were being impacted by the various formations at depth. Thus I think completions and thus deliverability will be challenged. And even then this is some of the most remote country in the world - no infrastructure means for Billions of dollars to develop.

But I guess this is of no concern to management as they would rather sell well before ever having to face up to reality. just a question of whether someone is willing to overlook the fundamentals and write out a check for $1Bn+...I doubt it.

in the interim, (and as flagged in Mar Q) the increasing number of releases indicates that BRU will be coming to mkt shortly to replenish funds.

Good luck to all holders